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Union Budget 2026 has introduced a wide set ofIndirect Tax proposals. While a significant portion of the Budget speech focuses on Customs tariff rationalisation, exemption review and trade facilitation measures, the GST / IGST legislative amendments proposed through the Finance Bill, 2026 are limite
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The main areas covered include post-sale discounts, credit note linkages, refund rationalisation, an interim appellate mechanism for advance rulings, and the place of supply for intermediary services.
The requirement to link post-sale discounts with an agreement at the time of supply has been removed. Instead, credit notes under Section 34 will be the reference point for ITC reversal by the recipient, simplifying compliance.
Yes, the threshold of Rs 1,000 for sanctioning refund claims for the export of goods with payment of tax has been removed, benefiting small exporters.
The interim appellate arrangement for advance rulings will take effect from 01.04.2026.
The special rule for determining the place of supply for intermediary services has been omitted, and the default rule under Section 13(2) will now apply, which has significant implications for cross-border service providers.
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